ARK Invest, the crypto-friendly asset manager founded by Bitcoin advocate Cathie Wood, recently sold 1.4 million Robinhood shares worth $36.4 million. This move was made to comply with Rule 12d3-1, preventing funds from holding over 5% of an issuer's securities. Despite Robinhood's stock price surging over 100% YTD, ARK decided to reduce its holdings. The sale involved three funds: ARK Innovation ETF, ARK Next Generation Internet ETF, and ARK Fintech Innovation ETF. ARKK, the largest fund, sold over a million shares. As of Oct. 9, ARKK still held around $274 million of Robinhood, making up 4.9% of its total assets. Additionally, ARKK has a larger investment in Coinbase, with $368 million in holdings. This decision comes amidst concerns over Harris' proposed unrealized gains tax potentially impacting the market. Read more AI-generated news on: https://app.chaingpt.org/news